“Financial Crime is a stay awake issue for Financial Services c-suite executives because of the accelerating scrutiny of both foreign and domestic regulators. Now, significant technological advances in analytics, and cognitive computing, can help these financial services companies understand and mitigate exposure. For us, IBM’s platform is the leading edge of that advance”, said Tim Phillipps, Asia Pacific Leader of Deloitte’s Financial Crime Strategy and Response Network.

Deloitte selected IBM to power its Financial Crime Analytics capability to take advantage of the enhanced, next generation, integrated solution that addresses all phases of enterprise strategy and response. It has been designed to provide a modular set of analytics, intelligence, and visual technologies to expand and reinforce the fight against financial crime.

“With financial crimes on the rise, our CFM platform is designed to help organisations quickly and accurately detect, investigate and respond to potential financial crimes,” said Bob Griffin, General Manager, IBM Safer Planet. “IBM’s leading platform gives enterprises the unique insights needed to take a strategic and operational approaches to managing financial crime risks, and to address challenges as quickly as they’re detected,” added Mr Griffin.

The combination of Deloitte’s global forensic capabilities with the CFM platform will create a powerful capability to apply financial crime analytic and intelligence models to identify transactions or actions that may suggest financial crime in a financial institution.

This will allow Banks and other financial institutions to:

Respond to immediate issues in a proactive fashion to minimise damage to their operations and their brand

Control financial cost and effort of responding to incidents of financial crime

Reduce the negative impact on operations and core productivity

Regain control and responsiveness to the financial institutions’ clients

The Deloitte Financial Crime Strategy and Response Network has operations in China, Southeast Asia and Australia. With expansion planned to India and Japan in June this year, it brings together into one seamless centre of excellence more than 100 full time, highly experienced and talented resources with backgrounds including financial services, law enforcement, regulatory agencies and analytics professionals. The network also draws on the resources of the Deloitte global Forensic Network, consistently ranked as a leader in its field by analysts such as Kennedy.

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